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The committee reviewed the City’s $46.4 million in long-term debt and projected debt-to-fair-market-value ratio, which is 3.04% now and expected to rise to 3.79% after bond anticipation notes are converted in April 2026.
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The committee discussed principles for managing future borrowing, including keeping General Fund debt service below 10% and using cash for part of smaller capital projects. A proposed pay-as-you-go policy would require a 20% cash contribution for projects under $1 million, with exceptions requiring City Council approval. The meeting advanced possible debt policies and performance measures for future recommendations; no final policy adoption is documented.
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